- The Japan Society of International Economics
- 国際経済 (ISSN:03873943)
- vol.2009, no.60, pp.32-54, 2009
The US strong dollar policy ('a strong dollar is in the interest of the country'), which had sought disengagement from the constraints of external imbalances since 1995, ended an historical mission in 2007 when the subprime loan crisis occurred and US investment banks collapsed or became commercial banks. That mission was to transform post-16th century capitalism whereby capital and the nation are integrated to global capitalism in which capital transcends the nation. The process has re-focused US attention on the issue of global imbalances and the dollar has weakened.